WASHINGTON (dpa-AFX) - Treasuries showed a strong move to the upside during trading on Wednesday, offsetting the notable pullback seen in the previous session.
Bond prices saw some volatility early in the session but climbed firmly into positive territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slumped 5.8 basis points to 4.894 percent.
The rebound by treasuries came following Democrats' decisive victory in the midterm elections on Tuesday.
Democrats are projected to win control of both the House and Senate after flipping several seats in traditionally Republican states.
The results of the election have contributed to a nosedive by the price of crude oil, with U.S. crude oil futures plummeting by nearly 8 percent amid.
Crude oil prices have plunged amid optimism the Republican defeat in the elections will lead President Donald Trump to refrain from re-escalating the conflict with Iran.
Despite prominent Iranian leaders stating that the results were proof that the U.S. citizens rejected a war with Iran, Iran's Supreme Leader Mojtaba Khamenei cautioned that the U.S. attitude towards Iran will not change.
In U.S. economic news, payroll processor ADP released a report showing private sector employment in the U.S. grew by more than expected in the month of October.
The report said private sector employment climbed by 86,000 jobs in October, matching a downwardly revised increase in September.
Economists had expected private sector employment to rise by 70,000 jobs compared to the addition of 90,000 jobs originally reported for the previous month.
Meanwhile, a separate report from the Institute for Supply Management showed service sector growth saw a modest slowdown in the month of October.
The ISM said its services PMI edged down to 54.5 in October after dipping to 54.9 in September, although a reading above 50 still indicates growth. Economists had expected the index to slip to 54.7.
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